AstraZeneca has outlined plans to double its current revenue by 2030, aiming to reach $80bn (£63bn) by the end of the decade.

The British pharmaceutical firm said this would be achieved through "significant growth in its oncology, biopharmaceuticals and rare disease portfolio".

AstraZeneca also expects to launch 20 new medicines before the end of the decade, using investment in new technology and platforms to "shape the future of medicine".

In addition to this, the firm said it will maintain its strategic commitment to research and development, while focusing on productivity. It is also aiming to deliver on its ambition for a mid-30s percentage core operating margin by 2026.

Beyond 2026, AstraZeneca said that its core operating margin will be influenced by portfolio evolution and the company will target the mid-30s percentage range at minimum.

Chief executive officer (CEO) at AstraZeneca, Pascal Soirot, said: "In 2023, we delivered the ambitious $45bn revenue goal set a decade ago. With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80bn by 2030.

"We are planning to launch 20 new medicines by 2030, many with the potential to generate more than $5bn in peak year revenues. The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade."

Investment director at AJ Bell, Russ Mould, added: "The market liked the bold ambition, sending the shares to the upper part of the FTSE 100 leader board. An easy way for AstraZeneca to achieve such a goal would be to go on a spending spree and buy up rival companies. However, AstraZeneca implies it will hit the goal through organic means which would be all the more impressive.

"CEO, Pascal Soriot, is no stranger to controversy over the scale of his pay packet so perhaps he is trying to justify the large remuneration with the new growth plan. Achieving the goal would imply significant value generation for shareholders and no doubt himself given that part of his bonus scheme will be based on company performance."

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